Taxation (International and Other Provisions) Act 2010 Schedule 10 Part 10

Factoring of income etc.

Schedule 10 Part 10 sets out the repeals of earlier legislation relating to the factoring of income and related anti-avoidance provisions, as those rules were rewritten and consolidated into the Taxation (International and Other Provisions) Act 2010.

• Sections 774A to 774G and section 786 of the Income and Corporation Taxes Act 1988, which dealt with the factoring of income and the sale of occupation income, are repealed.
• Consequential amendments previously made by the Income Tax (Trading and Other Income) Act 2005, Finance Act 2006, Income Tax Act 2007, Finance Act 2007, and Corporation Tax Act 2009 are also repealed, as they are no longer needed.
• These repeals reflect the fact that the relevant anti-avoidance rules have been rewritten in modernised form within the 2010 Act, replacing the older scattered provisions.
• The repeals tidy up cross-references and supplementary provisions across multiple earlier Acts that had been inserted to support or amend the now-superseded rules.